FIAT vs. CWB
FIAT (YieldMax Short COIN Option Income Strategy ETF) and CWB (SPDR Bloomberg Barclays Convertible Securities ETF) are both exchange-traded funds - FIAT is a Derivative Income fund actively managed by YieldMax, while CWB is a Preferred Stock/Convertible Bonds fund tracking the Bloomberg US Convertibles Liquid Bond. FIAT is actively managed, while CWB is passively managed. Over the past year, FIAT returned 21.67% vs 39.20% for CWB. At a correlation of -0.66, they often move in opposite directions. FIAT charges 0.99%/yr vs 0.40%/yr for CWB.
Performance
FIAT vs. CWB - Performance Comparison
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Returns By Period
In the year-to-date period, FIAT achieves a 12.97% return, which is significantly lower than CWB's 24.57% return.
FIAT
- 1D
- -0.45%
- 1M
- 8.66%
- YTD
- 12.97%
- 6M
- 19.81%
- 1Y
- 21.67%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CWB
- 1D
- -0.14%
- 1M
- 4.67%
- YTD
- 24.57%
- 6M
- 22.13%
- 1Y
- 39.20%
- 3Y*
- 19.32%
- 5Y*
- 7.23%
- 10Y*
- 13.20%
FIAT vs. CWB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FIAT YieldMax Short COIN Option Income Strategy ETF | 12.97% | -24.17% | -28.04% |
CWB SPDR Bloomberg Barclays Convertible Securities ETF | 24.57% | 16.61% | 9.14% |
Correlation
The correlation between FIAT and CWB is -0.62, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.62 |
Correlation (All Time) Calculated using the full available price history since Jul 10, 2024 | -0.66 |
The correlation between FIAT and CWB has been stable across timeframes, ranging from -0.66 to -0.62 - a consistent structural relationship.
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Return for Risk
FIAT vs. CWB — Risk / Return Rank
FIAT
CWB
FIAT vs. CWB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for YieldMax Short COIN Option Income Strategy ETF (FIAT) and SPDR Bloomberg Barclays Convertible Securities ETF (CWB). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| FIAT | CWB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.19 | ||
| Sortino ratioReturn per unit of downside risk | -2.50 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.46 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | 0.64 | 5.24 | -4.60 |
| Martin ratioReturn relative to average drawdown | 1.23 | 17.71 | -16.49 |
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Drawdowns
FIAT vs. CWB - Drawdown Comparison
The maximum FIAT drawdown since its inception was -70.50%, which is greater than CWB's maximum drawdown of -32.06%. Use the drawdown chart below to compare losses from any high point for FIAT and CWB.
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Drawdown Indicators
| FIAT | CWB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.50% | -32.06% | -38.44% |
Max Drawdown (1Y)Largest decline over 1 year | -34.22% | -7.52% | -26.70% |
Max Drawdown (3Y)Largest decline over 3 years | — | -11.92% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -28.41% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -32.06% | — |
Current DrawdownCurrent decline from peak | -51.31% | -0.29% | -51.02% |
Average DrawdownAverage peak-to-trough decline | -45.39% | -6.16% | -39.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.67% | 2.22% | +15.45% |
Volatility
FIAT vs. CWB - Volatility Comparison
YieldMax Short COIN Option Income Strategy ETF (FIAT) has a higher volatility of 14.01% compared to SPDR Bloomberg Barclays Convertible Securities ETF (CWB) at 6.68%. This indicates that FIAT's price experiences larger fluctuations and is considered to be riskier than CWB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FIAT | CWB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.01% | 6.68% | +7.33% |
Volatility (6M)Calculated over the trailing 6-month period | 42.80% | 12.58% | +30.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 53.58% | 15.18% | +38.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.27% | 13.18% | +47.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 60.27% | 14.58% | +45.69% |
FIAT vs. CWB - Expense Ratio Comparison
FIAT has a 0.99% expense ratio, which is higher than CWB's 0.40% expense ratio.
Dividends
FIAT vs. CWB - Dividend Comparison
FIAT's dividend yield for the trailing twelve months is around 103.12%, more than CWB's 1.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CWB SPDR Bloomberg Barclays Convertible Securities ETF | 1.34% | 1.69% | 1.85% | 1.97% | 2.21% | 1.97% | 2.34% | 3.03% | 6.17% | 4.25% | 4.60% | 7.52% |
FIAT YieldMax Short COIN Option Income Strategy ETF | 103.12% | 178.11% | 70.99% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FIAT and CWB have a correlation of -0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FIAT has higher volatility (14.01%) compared to CWB (6.68%). In terms of maximum drawdown, FIAT dropped -70.50% vs CWB's -32.06%.
On 1-year performance, CWB leads with 39.20% vs 21.67% for FIAT. On fees, CWB is cheaper at 0.40% per year. On volatility, CWB has been the lower-risk option at 6.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CWB has performed better with a 39.20% return vs 21.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CWB is cheaper with a 0.40% expense ratio, compared with 0.99% for FIAT.
FIAT has the higher dividend yield at 103.12%, compared with 1.34% for CWB.
FIAT is categorized as Derivative Income, while CWB is Preferred Stock/Convertible Bonds. They also come from different issuers: YieldMax and State Street. Their fees differ too: 0.99% for FIAT and 0.40% for CWB.
CWB currently has the higher Sharpe Ratio (2.60 vs 0.41), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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